Banking on the Public Service Loan Forgiveness program? It has been considered one of best chances for a college graduate to get their debt cancelled. But newly released data suggests it's far from a shoe-in. Apparently, 99% of applicants to this government program have been rejected.
So if you're hoping to get your loan discharged, you may want to keep your options open to other possibilities. That's where state programs come in.
Here are the loan forgiveness programs in the state of Texas that are currently funded and accepting applications.
Are you a nurse struggling with student loan debt? You qualify for up to $7,000 in loan repayment for a period of up to five years under this state-funded program. The goal of this effort is to improve access to nursing education programs by encouraging qualified nurses to serve as faculty at eligible institutions of higher education. Applicants must hold a post-graduate degree and be employed as faculty at an eligible institution.
Applications are generally due in late October.
Offering up to $160,000 over four years in loan assistance, this program is aimed at qualifying physicians who hold a license from the Texas Medical Board and serve in underserved or needed areas.
Applicants must agree to work for those four years at:
Deadlines for application are typically in late November.
Currently funded by the State Bar of Texas and administered by the Texas Access to Justice Foundation, this program offers up to $4,800 annually to assist attorneys pursuing careers in legal aid in the state.
Applicants must work full-time for any Texas legal aid program that is:
This program encourages mental health professionals to provide services in designated shortage areas at least five years. In exchange, qualified applicants may receive between $10,000 and $160,000 over the five-year period, depending on their practice specialty.
Eligible practice specialties include:
The application period has closed, but keep an eye out for the next cycle.
To improve the number of health care providers in rural communities, certain health care professionals can earn up to $10,000 in student loan reimbursements.
Eligible health professionals include but are not limited to:
Check the Texas Department of Agriculture website for the next application cycle.
For Texas public schools teachers who have secured employment teaching mathematics or science in a Title I school at the time of application, this program offers up to $5,000. Applicants may not have received or be receiving aid from any other state or federal loan repayment assistance.
The application period for the 2018-2019 school year is now closed, but information about upcoming deadlines can be found here.
If you are seeking student loan forgiveness and think you qualify for some of the programs listed above, always go through through the official channels and offices when applying. Companies promising college loan relief or forgiveness may be scams, so be sure to do your due diligence.
Special offers for medical resident and fellow refinance products
Splash Financial is a leader in student loan refinancing with new rates as low as 2.63% fixed APR which can save you tens of thousands of dollars over the life of your loans. No application or origination fees and no prepayment penalties. Splash Financial is in all 50 states and is intensely focused on customer service. Splash Financial is also one of the few companies that offers a great medical resident and fellow refinance product. You can check your rate with Splash in just minutes.
Click here to see more of Splash's offerings and to see how you can save money.
SoFi is the leading student loan refinancing provider.
$30 billion+ in refinanced student loans. SoFi has some of the lowest interest rates and, unlike the other lenders we reviewed, there's no maximum on the amount you can finance. Some state restrictions may apply.
Save thousands on your student loans and pay off your loans sooner. Find your rate.
Ability to apply for cosigner release after 24 consecutive payments.
Give Your Life’s Journey a Jump-Start.
If you’re ready to put student loans in your rearview mirror, Nelnet Bank student loan refinancing offers low rates and flexible terms to help you start getting ahead.
See How Much You Can Save: Estimate your savings with a student loan refinance from Nelnet Bank.
Using technology, data, and design to build affordable products, Earnest's lending products are built for a new generation seeking to reach life's milestones. The company understands every applicant's unique financial story to offer the lowest possible rates and radically flexible loan options for living life.
Click here to apply with Earnest and to see how much you can save.
Operates in all 50 states; 2nd largest student loan refinancing lender
Laurel Road is a national online lender with customers in all 50 states, the District of Columbia, and Puerto Rico. Many of our non-bank competitors are not able to lend in all 50 states.Laurel Road has grown to be the second largest player in the student loan refinancing space in large part because of our reputation as the go-to low rate provider.
For every loan they fund, they contribute to the education of a child in need
CommonBond was founded in 2011 by three MBA graduates from the University of Pennsylvania’s Wharton School who wanted to help their peers escape from high-interest student loan debt. Its original focus was on grad students, but it has since expanded to cover undergrads as well.
Of all the companies we reviewed, CommonBond has some of the best customer service. The company prides itself on being easy to reach by email, phone, or live chat. It offers networking events, expert panels, insider newsletters, and even has a program help borrowers who lose their jobs to find new ones. CommonBond also makes you feel good about choosing to refinance with them by donating money to an education nonprofit for each loan they write.
Get a personalized review of your refinancing options with CommonBond today.
Works with 300+ community lenders for higher approval chances
Connecting student borrowers to a network of over 300 community lenders with low interest rates. By partnering with these lenders, LendKey is able to give consumers direct access to the best rates available from the most borrower friendly institutions. As the servicer of all loans obtained through its platform, you can rest easy knowing your personal information will be safe and that the best customer service team will be ready to answer your questions from application until your final payment.